(Alliance News) - The mayors of Genoa, Turin and Reggio Emilia are in the process of choosing the new CEO of Iren Spa, with Paolo Emilio Signorini listed as the most likely candidate for the post, as revealed Thursday by Il Secolo XIX.

Spencer Stuart, a head-hunting firm hired to select profiles by the shareholder mayors of Genoa, Turin, and Reggio Emilia, is finishing the job. According to sources close to the dossier, Marco Bucci, Stefano Lo Russo and Luca Vecchi will receive the list in these days. "We are in the home stretch," the sources said. The list could be delivered on Monday.

Signorini is the current president of the Genoa and Savona Port Authority whom Bucci would like to bring to Iren. Not an exciting option for Lo Russo and Vecchi, who are nevertheless open to discussion, according to the newspaper.

Signorini is "definitely on the short list," the sources reveal. The other profiles selected for the role would be former Ansaldo STS and Telecom Italia Spa manager Stefano Siragusa, Falck Renewables Spa CEO Toni Volpe, and former Acea Spa and ENAV Spa Roberta Neri. Other sources point to internal solutions such as Anna Tanganelli, Iren's current Chief Financial Officer, and Iren Mercato's Ad, Gianluca Bufo. Still other sources give the vice president of Confindustria Genova, Sonia Sandei, on the track.

"For the short list, the countdown has begun but the appointment of the Ad very soon is not taken for granted. Bucci, Lo Russo and Vecchi will have to confront each other on the list, the mayor of Genoa will indicate his man - Signorini remains in pole - but then he will have to find a synthesis with Turin and Reggio Emilia within the pact. The operation could take a few days, although the intention is to "accelerate,"" the newspaper explains.

Iren's next board meeting is already convened for early September. It is explained in the environment that "requesting a convocation of the board in August could be complicated, considering that many directors are on vacation."

Possible, then, that the appointment will be formalized in early September, within the timeframe indicated by Bucci, especially since the group has never stopped being operational, as Armani's proxies have been distributed between the president, Luca Dal Fabbro, and vice president Moris Ferretti.

Iren's stock is down 1.0 percent at EUR1.78 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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